We are currently in a consolidation wave B of a larger A-B-C corrective wave 2 of a possible much larger 1-2-3-4-5. This consolidation wave B is about to end and wave C of the A-B-C corrective wave is about to begin. Waiting for a breakout of the upper trendline of the current consolidation wave B to confirm this.
There is also a BAT pattern waiting to be completed long-term. Prices are currently tracing out the CD leg of this BAT pattern. Upon the Bat pattern completion, prices will have retested the highs as is quite common. Wave 2 of any impulse wave can retrace almost 100% of wave 1. In this case, that is what I am expecting to happen. If prices reach this Bat pattern completion, I would actually expect this pair to put in a double top before falling and beginning wave 3 of the larger possible 1-2-3-4-5 impulse wave down later this year.
There is also a BAT pattern waiting to be completed long-term. Prices are currently tracing out the CD leg of this BAT pattern. Upon the Bat pattern completion, prices will have retested the highs as is quite common. Wave 2 of any impulse wave can retrace almost 100% of wave 1. In this case, that is what I am expecting to happen. If prices reach this Bat pattern completion, I would actually expect this pair to put in a double top before falling and beginning wave 3 of the larger possible 1-2-3-4-5 impulse wave down later this year.
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SPECIAL Report on the S&P 500. Read it here. It's FREE: bit.ly/2KGJ409spx818
Mailing list: bit.ly/2iNieEY
Facebook Group: facebook.com/efxselect
Twitter: @andrewefxselect
Website: efxselect.com
Mailing list: bit.ly/2iNieEY
Facebook Group: facebook.com/efxselect
Twitter: @andrewefxselect
Website: efxselect.com
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.